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GoTyme Bank South Africa

4.0 (140 reviews)

GoTyme Bank (formerly TymeBank): no-fee current account with a free Visa debit card, fixed deposits of 3–36 months at 7.75%–9.75% and GoalSave at up to 10%. Deposits insured to R100 000.

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This button goes straight to the lender. There is no partner link here and we earn nothing from the click. The rating on this page is an editorial score.

GoTyme Bank at a glance

In short: GoTyme Bank — TymeBank until January 2026 — is a branchless South African bank owned by Tyme Group, with Patrice Motsepe's African Rainbow Capital as its anchor shareholder and more than 10 million customers. Its current account has no monthly fee and comes with a free Visa debit card. For savings it offers Fixed Deposits of 3 to 36 months at 7.75% to 9.75% and GoalSave at up to 10% a year with 10 days' notice. Deposits are insured by the Corporation for Deposit Insurance (CODI) up to R100 000 per depositor. Facts from gotyme.co.za, checked 26 October 2026.

Key facts

GoTyme Bank
Legal nameGoTyme Bank Limited (registered company name TymeBank Limited)
Registration2015/231510/06; authorised FSP 49140; NCRCP10774
OwnerTyme Group; African Rainbow Capital is the main shareholder
CustomersOver 10 million (October 2025)
Current accountNo monthly fee; first Visa debit card free
Fixed Deposit3–36 months, 7.75%–9.75% nominal a year
GoalSaveUp to 10% a year with 10 days' notice, up to 10 goals
Deposit insuranceCODI, up to R100 000 per depositor
How to openGoTyme Bank app (Android, iPhone); kiosks at Boxer, TFG and GoTyme customer hubs

Who is behind GoTyme Bank

The bank launched as TymeBank in November 2018 after the Reserve Bank's Prudential Authority licensed it as a digital-only bank. It renamed itself GoTyme Bank on 22 January 2026, in line with Tyme Group's GoTyme banks in other countries; the old TymeBank app has been switched off. African Rainbow Capital, controlled by Patrice Motsepe, bought the majority stake in 2018; Tencent is among the other shareholders.

The bank has no branches. In March 2026 it removed its kiosks from Pick n Pay stores — they remain at Boxer and TFG outlets and in new mall "customer hubs" — while Pick n Pay tills still handle cash deposits and withdrawals.

Is GoTyme Bank safe?

It is a licensed South African bank, and since April 2024 qualifying deposits at every bank are covered by the Corporation for Deposit Insurance up to R100 000 per depositor. Money above that amount is not insured, so large savings are safer spread across banks.

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GoTyme Bank review: high savings rates, no monthly fee

4.00 reviews
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Verdict: GoTyme Bank is one of the best places in South Africa to keep everyday savings: the account costs nothing per month and GoalSave pays up to 10% with only 10 days' notice. Its fixed deposits are competitive for 3 to 12 months. It suits people who are happy to bank on their phone and rarely need a branch; heavy ATM users pay more than at some rivals.

What we like

  • No monthly account fee and a free first debit card
  • Fixed deposit rates up to 9.75% for 36 months
  • GoalSave pays up to 10% without locking the money away for months
  • Free international card purchases with 0% FX markup
  • Deposits insured up to R100 000

What to watch out for

  • No branches — everything runs through the app
  • ATM withdrawals cost R10 per R1 000
  • Long fixed deposits: the effective rate on 36 months (8.93%) is lower than the headline 9.75%
  • Cash deposits cost R10 per R1 000 at Pick n Pay and Boxer

Fixed Deposit or GoalSave?

  • GoalSave pays up to 10% as long as you give 10 days' notice and make no earlier partial withdrawal from that goal. For most savers that beats a fixed deposit and keeps the money reachable.
  • A Fixed Deposit locks the rate for the whole term — useful if you expect rates to fall. On terms over 12 months interest is simple and paid at maturity, so the effective annual rate is below the headline (36 months: 9.75% nominal, 8.93% effective).

Who it suits

  • Savers who want a high rate with no monthly fee.
  • People who travel or shop online abroad: card payments carry no FX markup.
  • Anyone who wants a free account with a debit card opened in minutes on the app.

GoTyme Bank rates, fees and conditions

Fixed Deposit rates

TermNominal rateEffective annual rate
3 months7.75%7.98%
6 months8.25%8.42%
12 months8.75%8.75%
24 months9.25%8.86%
36 months9.75%8.93%
  • Simple interest on the original deposit, rate fixed for the full term.
  • Example: R10 000 for 12 months at 8.75% returns R10 875.
  • At maturity you choose to reinvest or move the money to your current account.
  • No minimum or maximum deposit is stated: "as little or as much as you like".
  • Rates as published on gotyme.co.za in October 2026 (terms of 24 and 36 months were added in July 2026).

GoalSave

RuleDetail
RateUp to 10% a year
Condition10 days' notice before withdrawing; no earlier partial withdrawal from that goal
GoalsUp to 10 separate goals
Minimum balanceNone

Current account and card fees

ItemFee
Monthly account feeFree
First Visa debit cardFree (replacement R100)
Local and international card purchasesFree, 0% FX markup
ATM withdrawal in South AfricaR10 per R1 000
International ATM withdrawalR70
Till withdrawal with TymeCode at Pick n Pay or BoxerFree
Till withdrawal with debit card at major retailersR3
Cash deposit at Pick n Pay or BoxerR10 per R1 000
Cash deposit at Shoprite, Usave, CheckersR19.95 per R3 000
Instant payment above R5 000R7
Standard EFTFree
Declined debit order or card transaction (no funds)R3
SMS notificationR0.50
From GoTyme Bank's fees and charges page, October 2026.

How to open a GoTyme Bank account and Fixed Deposit

Open the account

  1. Download the GoTyme Bank app (Google Play or App Store).
  2. Register with your South African ID and cellphone number; the bank says opening takes under five minutes with no paperwork.
  3. Collect or print your Visa debit card at a GoTyme kiosk in Boxer, TFG or a GoTyme customer hub (Pick n Pay kiosks closed in March 2026). A virtual card is available in the app.

Open a Fixed Deposit

  1. In the app, go to Savings → Fixed Deposit and tap +.
  2. Enter the amount and choose the term (3, 6, 12, 24 or 36 months).
  3. Choose what happens at maturity — reinvest, or close and move the money to your current account.
  4. Name the deposit, read the notice and confirm.

Set up GoalSave

In the app, create a goal under Savings (up to 10 goals). To earn the full rate, give 10 days' notice when you want the money and avoid partial withdrawals before then.

Getting your money and interest from GoTyme Bank

  • Fixed Deposit: interest is paid with your capital at the end of the term, then reinvested or moved to your current account, depending on the option you chose when opening it.
  • GoalSave: give 10 days' notice in the app; the full amount in that goal is then paid to your current account.
  • Cash: withdraw free with a TymeCode at Pick n Pay and Boxer tills, for R3 with your card at major retailers, or for R10 per R1 000 at any ATM.

Managing deposits and withdrawals

Fixed deposits

The rate and term are fixed when you confirm. GoTyme's page does not publish early-withdrawal rules, so read the notice shown in the app before you confirm — assume the money is locked until maturity.

Everyday account costs to avoid

  • Declined debit orders or card payments for lack of funds cost R3 each.
  • EFT reversals cost R170.
  • Debit-order disputes are free within 60 days.

GoTyme Bank South Africa — Comparison with Similar Options

GoTyme Bank's savings options side by side, rates as published in October 2026.

GoalSaveFixed Deposit 12 monthsFixed Deposit 36 months
RateUp to 10% a year8.75% (effective 8.75%)9.75% nominal (effective 8.93%)
Access10 days' noticeAt maturityAt maturity
Rate fixed?No — follows the bank's pricingYes, for 12 monthsYes, for 36 months
MinimumNoneNone statedNone stated
R10 000 after one yearAbout R11 000 at 10%R10 875Interest paid at maturity
InsuranceCODI up to R100 000 per depositor, across all accountsSameSame

Rates move with the repo rate (7.25% after 23 September 2026). Compare current rates before locking money away for 24–36 months.

Which to choose

  • GoalSave if you want the highest rate and might need the money within a year.
  • 12-month Fixed Deposit if you want certainty that the rate will not drop during the year.
  • 36-month Fixed Deposit only if you are sure you will not need the money and expect rates to fall: its effective annual rate is lower than GoalSave's today.

GoTyme Bank South Africa — Frequently Asked Questions

Yes. TymeBank renamed itself GoTyme Bank on 22 January 2026; the registered company name is still TymeBank Limited and the old TymeBank app has been replaced by the GoTyme Bank app.

7.75% for 3 months, 8.25% for 6 months, 8.75% for 12 months, 9.25% for 24 months and 9.75% for 36 months (nominal, October 2026). Interest is simple and the rate is fixed for the term.

Give 10 days' notice before withdrawing and make no earlier partial withdrawal from that goal. There is no minimum balance and no transaction requirement.

No. The current account is free and the first Visa debit card is free; replacements cost R100.

GoTyme is a licensed South African bank and deposits are insured by the Corporation for Deposit Insurance up to R100 000 per depositor.

At GoTyme kiosks in Boxer and TFG stores and at GoTyme customer hubs in malls. Kiosks were removed from Pick n Pay in March 2026; a virtual card is available in the app.

Free with a TymeCode at Pick n Pay and Boxer tills, R3 with your card at major retailers, R10 per R1 000 at any South African ATM and R70 at international ATMs.

Tyme Group, with African Rainbow Capital (Patrice Motsepe) as the main shareholder; Tencent is among the other investors.

Sultan Kanatov, Editor-in-Chief, CreditDeals
Author
Sultan Kanatov
Editor-in-Chief, CreditDeals
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Verified by: CreditDeals Editorial Team
Published: 21 May 2026
Updated: 26 October 2026

This article is for informational purposes only and does not constitute financial advice. Check the status of the specific company in the NCR register. Please read the contract carefully before signing. rating methodology.

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GoTyme Bank South Africa — Deposit money

GoTyme Bank (formerly TymeBank): no-fee current account with a free Visa debit card, fixed deposits of 3–36 months at 7.75%–9.75% and GoalSave at up to 10%. Deposits insured to R100 000.

Visit website

This button goes straight to the lender. There is no partner link here and we earn nothing from the click. The rating on this page is an editorial score.